☒ QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For
the quarterly period ended June 30, 2018

OR

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For
the transition period from ________ to ________

Commission
file number 000-53056

Zeta
Acquisition Corp. I

(Exact
name of registrant as specified in its charter)

Delaware

61-1547849

(State
or other jurisdiction of

(I.R.S.
Employer

incorporation
or organization)

Identification
Number)

c/o
Equity Dynamics Inc.

666
Walnut Street, Suite 2116

Des
Moines, Iowa 50309

(Address
of principal executive offices)

(515)
244-5746

(Registrant’s
telephone number, including area code)

No
change

(Former
name, former address and former fiscal year, if changed since last report)

Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.

Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No
☐.

Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large
accelerated filer

☐

Accelerated
filer

☐

Non-accelerated
filer

☐

Smaller reporting
company

☒

(Do
not check if a smaller reporting company)

Emerging growth
company

☒

If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No
☐.

APPLICABLE
ONLY TO CORPORATE ISSUERS:

As
of August 14, 2018, there were 5,000,000 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.

ZETA
ACQUISITION CORP. I

-
INDEX -

Page

PART
I – FINANCIAL INFORMATION:

Item 1.

Financial Statements
(Unaudited):

1

Condensed Balance
Sheets as of June 30, 2018 (Unaudited) and December 31, 2017

2

Condensed Statements
of Operations for the Three and Six Months Ended June 30, 2018 and 2017

3

Condensed Statements
of Cash Flows for the Six Months Ended June 30, 2018 and 2017

4

Notes to Condensed
Financial Statements

5
- 7

Item
2.

Management’s
Discussion and Analysis of Financial Condition and Results of Operations

Adjustments to reconcile net loss to net cash used in operating activities:

Increase (decrease) in accounts payable

200

(807

)

Increase in accrued interest

6,319

5,323

Decrease in accrued expenses

(6,125

)

(5,900

)

Net cash used in operating activities

(15,250

)

(16,915

)

Financing activities

Proceeds from notes payable, stockholders

25,000

20,000

Net cash provided by financing activities

25,000

20,000

Net increase in cash

9,750

3,085

Cash at beginning of period

485

5,060

Cash at end of period

$

10,235

$

8,145

See
accompanying notes.

4

ZETA
ACQUISITION CORP. I

Notes
to Condensed Financial Statements

(Unaudited)

June
30, 2018

1.

Nature
of Operations and Significant Accounting Policies

Nature
of Operations

Zeta
Acquisition Corp. I (the "Company") was incorporated under the laws of the State of Delaware on November 16, 2007. The
Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking
the perceived advantages of being a publicly held corporation. The Company's principal business objective for the next twelve
(12) months and beyond will be to achieve long-term growth potential through a combination with a business. The Company will not
restrict its potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire
any type of business.

Liquidity
and Going Concern

At
June 30, 2018, our cash position and history of losses required management to asses our ability to continue operating as a going
concern, according to FASB Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability
to Continue as a Going Concern (“ASU 2014-15”). Management evaluated the history and operational losses to have a
material effect on our ability to continue as a going concern, unless we take actions to alleviate those conditions. Our primary
sources of liquidity have been funds generated from our debt financings.

Management
believes that its existing cash, along with certain related parties’ commitments to provide continued funding and capital
resources, will be sufficient to fund the Company's operations for at least the next twelve (12) months.

Use
of Estimates

The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses
during the reporting periods. Actual results could differ from those estimates.

Cash

Cash
consists of a bank checking account.

5

ZETA
ACQUISITION CORP. I

Notes
to Condensed Financial Statements (continued)

(Unaudited)

1.

Nature
of Operations and Significant Accounting Policies (continued)

Income
Taxes

The
Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes, which requires the recognition of deferred tax
liabilities and assets at currently enacted tax rates for the expected future tax consequences of events that have been included
in the financial statements or tax returns. A valuation allowance is recognized to reduce the net deferred tax asset to an amount
that is more likely than not to be realized.

Fair
Value of Financial Instruments

The
Company considers the carrying value of cash, accounts payable, accrued expenses, accrued interest, and notes payable to stockholders
to approximate fair value due to their short maturities.

Net
Loss Per Share

Basic
loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. The
Company currently has no dilutive securities and as such, basic and diluted loss per share are the same for all periods presented.

Interim
Financial Statements

The
unaudited interim financial information included in this report reflects normal recurring adjustments that management believes
are necessary for a fair statement of the results of operations, financial position, and cash flows for the periods presented.
This interim information should be read in conjunction with the financial statements and accompanying notes contained in the Company′s
Form 10-K filed March 28, 2018.

The
results of operations for the six months ended June 30, 2018 are not necessarily indicative of the results to be expected for
other interim periods or the full year.

Recently
Issued Accounting Pronouncements

Management
does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material
effect.

6

ZETA
ACQUISITION CORP. I

Notes
to Condensed Financial Statements (continued)

(Unaudited)

2.

Notes
Payable, Stockholders

During
2018, various stockholders loaned the Company $25,000 and were issued unsecured promissory notes which bear interest of 6% and
are due on demand. Similar stockholder loans amounted to $20,000 during 2017, $22,500 during 2016, $35,000 during 2015 (along
with note reductions of $10,000), $15,000 during 2014, $25,000 during 2013, $25,000 during 2012, $35,000 during 2010, and $25,000
during 2009. Interest of $59,609 was accrued and unpaid at June 30, 2018.

3.

Preferred
Stock

The
Company is authorized to issue 10,000,000 shares of preferred stock with such designations, voting and other rights and preferences
as may be determined from time to time by the Board of Directors.

4.

Common
Stock

The
Company is authorized to issue 100,000,000 shares of common stock with such designations, voting and other rights and preferences
as may be determined from time to time by the Board of Directors. During December 2007, the Company issued 5,000,000 shares of
its common stock pursuant to a private placement for $50,000.

5.

Commitment

The
Company utilizes the office space and equipment of an officer and director at no cost on a month-to-month basis. Management estimates
such amounts to be di minimis.

7

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward
Looking Statement Notice

Certain
statements made in this Quarterly Report on Form 10-Q (the “Quarterly Report”) are “forward-looking statements”
(within the meaning of the Private Securities Litigation Reform Act of 1995) in regard to the plans and objectives of management
for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual
results, performance or achievements of Zeta Acquisition Corp. I (“we,” “us,” “our” or the
“Company”) to be materially different from any future results, performance or achievements expressed or implied by
such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve
numerous risks and uncertainties. The Company’s plans and objectives are based, in part, on assumptions involving the continued
expansion of business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic,
competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately
and many of which are beyond the control of the Company. Although the Company believes its assumptions underlying the forward-looking
statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance the forward-looking
statements included in this Quarterly Report will prove to be accurate. In light of the significant uncertainties inherent in
the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by
the Company or any other person that the objectives and plans of the Company will be achieved.

Description
of Business

The
Company was incorporated in the State of Delaware on November 16, 2007, and maintains its principal executive office at 666 Walnut
Street, Suite 2116, Des Moines, Iowa 50309. Since inception, the Company has been engaged in organizational efforts and obtaining
initial financing. The Company was formed as a vehicle to pursue a business combination through the acquisition of, or merger
with, an operating business. The Company filed a registration statement on Form 10-SB with the SEC on February 1, 2008, and since
its effectiveness, the Company has focused its efforts to identify a possible business combination.

The
Company, based on proposed business activities, is a “blank check” company. The SEC defines those companies as
“any development stage company that is issuing a penny stock, within the meaning of Section 3(a)(51) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and that has no specific business plan or purpose, or has
indicated that its business plan is to merge with an unidentified company or companies.” Many states have enacted
statutes, rules and regulations limiting the sale of securities of “blank check” companies in their respective
jurisdictions. The Company is also a “shell company,” defined in Rule 12b-2 under the Exchange Act as a company
with no or nominal assets (other than cash) and no or nominal operations. Management does not intend to undertake any efforts
to cause a market to develop in our securities, either debt or equity, until we have successfully concluded a business
combination. The Company intends to comply with the periodic reporting requirements of the Exchange Act for so long as we are
subject to those requirements.

In
addition, the Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012
(the “JOBS Act”), and may take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not “emerging growth companies” including, but not limited to, not being required
to comply with the auditor attestation requirements of section 404(b) of the Sarbanes-Oxley Act, and exemptions from the requirements
of Sections 14A(a) and (b) of the Securities Exchange Act of 1934 to hold a nonbinding advisory vote of shareholders on executive
compensation and any golden parachute payments not previously approved.

The
Company has also elected to use the extended transition period for complying with new or revised accounting standards under Section
102(b)(1) of the JOBS Act. This election allows us to delay the adoption of new or revised accounting standards that have different
effective dates for public and private companies until those standards apply to private companies. As a result of this election,
our financial statements may not be comparable to companies that comply with public company effective dates.

8

We
will remain an “emerging growth company” until the earliest of (1) the last day of the fiscal year during which our
revenues exceed $1.07 billion, (2) the date on which we issue more than $1 billion in non-convertible debt in a three year period,
(3) the last day of the fiscal year following the fifth anniversary of the date of the first sale of our common equity securities
pursuant to an effective registration statement filed pursuant to the Securities Act of 1933, as amended, or (4) when the market
value of our common stock that is held by non-affiliates exceeds $700 million as of the last business day of our most recently
completed second fiscal quarter. To the extent that we continue to qualify as a “smaller reporting company,”
as such term is defined in Rule 12b-2 under the Exchange Act, after we cease to qualify as an emerging growth company, certain
of the exemptions available to us as an emerging growth company may continue to be available to us as a smaller reporting company,
including: (1) not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes Oxley
Act; (2) scaled executive compensation disclosures; and (3) the requirement to provide only two years of audited financial statements,
instead of three years.

The
Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking
the perceived advantages of being a publicly held corporation. The Company’s principal business objective for the next 12
months and beyond such time will be to achieve long-term growth potential through a combination with an operating business. The
Company will not restrict its potential candidate target companies to any specific business, industry or geographical location
and, thus, may acquire any type of business.

The
Company currently does not engage in any business activities that provide cash flow. During the next twelve months we anticipate
incurring costs related to:

(i)

filing
Exchange Act reports, and

(ii)

investigating,
analyzing and consummating an acquisition.

We
believe we will be able to meet these costs through use of funds in our treasury, through deferral of fees by certain service
providers and additional amounts, as necessary, to be loaned to or invested in us by our stockholders, management or other investors.
As of the date of the period covered by this report, the Company has $10,235 in cash. There are no assurances that the Company
will be able to secure any additional funding as needed. Currently, however, our ability to continue as a going concern is
dependent upon our ability to generate future profitable operations and/or to obtain the necessary financing to meet our obligations
and repay our liabilities arising from normal business operations when they come due. Our ability to continue as a going concern
is also dependent on our ability to find a suitable target Company and enter into a possible reverse merger with such Company.
Management’s plan includes obtaining additional funds by equity financing through a reverse merger transaction and/or related
party advances, however there is no assurance of additional funding being available.

The
Company may consider acquiring a business which has recently commenced operations, is a developing company in need of additional
funds for expansion into new products or markets, is seeking to develop a new product or service, or is an established business
which may be experiencing financial or operating difficulties and is in need of additional capital. In the alternative, a business
combination may involve the acquisition of, or merger with, a company which does not need substantial additional capital but which
desires to establish a public trading market for its shares while avoiding, among other things, the time delays, significant expense,
and loss of voting control which may occur in a public offering.

Since
our registration statement on Form 10-SB went effective, our management has not had any contact or discussions with representatives
of other entities regarding a business combination with us. Any target business that is selected may be a financially unstable
company or an entity in its early stages of development or growth, including entities without established records of sales or
earnings. In that event, we will be subject to numerous risks inherent in the business and operations of financially unstable
and early stage or potential emerging growth companies. In addition, we may effect a business combination with an entity in an
industry characterized by a high level of risk, and, although our management will endeavor to evaluate the risks inherent in a
particular target business, there can be no assurance that we will properly ascertain or assess all significant risks. Our
management anticipates that it will likely be able to effect only one business combination, due primarily to our limited financing
and the dilution of interest for present and prospective stockholders, which is likely to occur as a result of our management’s
plan to offer a controlling interest to a target business in order to achieve a tax-free reorganization. This lack of diversification
should be considered a substantial risk in investing in us, because it will not permit us to offset potential losses from one
venture against gains from another.

9

The
Company anticipates that the selection of a business combination will be complex and extremely risky. Because of general economic
conditions, rapid technological advances being made in some industries and shortages of available capital, our management believes
that there are numerous firms seeking even the limited additional capital which we will have and/or the perceived benefits of
becoming a publicly traded corporation. Such perceived benefits of becoming a publicly traded corporation include, among other
things, facilitating or improving the terms on which additional equity financing may be obtained, providing liquidity for the
principals of and investors in a business, creating a means for providing incentive stock options or similar benefits to key employees,
and offering greater flexibility in structuring acquisitions, joint ventures and the like through the issuance of stock. Potentially
available business combinations may occur in many different industries and at various stages of development, all of which will
make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex.

Liquidity
and Capital Resources

As
of June 30, 2018, the Company had current assets equal to $10,235 comprised of cash. This compares with current assets of $485
comprised of cash as of December 31, 2017. The Company’s current liabilities as of June 30, 2018 totaled $280,484,
comprised of accounts payable, accrued interest, accrued expenses and notes payable to stockholders. This compares with current
liabilities of $255,090, comprised of accounts payable, accrued interest, accrued expenses and notes payable to stockholders,
as of December 31, 2017. The Company can provide no assurance that it can continue to satisfy its cash requirements for at
least the next twelve months.

The
following is a summary of the Company's cash flows provided by (used in) operating, investing, and financing activities for the
six months ended June 30, 2018 and 2017:

Six Months Ended June 30, 2018

Six Months Ended June 30, 2017

Net Cash Used in Operating Activities

$

(15,250

)

$

(16,915

)

Net Cash Provided by Financing Activities

$

25,000

$

20,000

Net Increase in Cash

$

9,750

$

3,085

The
Company has nominal assets and has generated no revenues since inception. The Company is also dependent upon the receipt of capital
investment or other financing to fund its ongoing operations and to execute its business plan of seeking a combination with a
private operating company. In addition, the Company is dependent upon certain related parties to provide continued funding and
capital resources. If continued funding and capital resources are unavailable at reasonable terms, the Company may not be able
to implement its plan of operations.

Results
of Operations

The
Company has not conducted any active operations since inception, except for its efforts to locate suitable acquisition candidates. No
revenue has been generated by the Company from November 16, 2007 (Inception) through June 30, 2018. It is unlikely the Company
will have any revenues unless it is able to effect an acquisition or merger with an operating company, of which there can be no
assurance. It is management's assertion that these circumstances may hinder the Company's ability to continue as a going concern.
The Company’s plan of operation for the next twelve months shall be to continue its efforts to locate suitable acquisition
candidates.

10

For
the three months ended June 30, 2018, the Company had a net loss of $7,166, consisting of interest expense and legal, accounting,
audit, and other professional service fees incurred in relation to the preparation and filing of the Company’s periodic
reports. This compares with a net loss of $9,016 for the three months ended June 30, 2017 consisting of interest expense and legal,
accounting, audit, and other professional service fees incurred in relation to the preparation and filing of the Company’s
periodic reports.

For
the six months ended June 30, 2018, the Company had a net loss of $15,644, consisting of interest expense and legal, accounting,
audit, and other professional service fees incurred in relation to the preparation and filing of the Company's periodic reports.
This compares with a net loss of $15,531 for the six months ended June 30, 2017, consisting of interest expense and legal, accounting,
audit, and other professional service fees incurred in relation to the preparation and filing of the Company's periodic reports.

Off-Balance
Sheet Arrangements

The
Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect
on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity,
capital expenditures or capital resources that is material to investors.

Contractual
Obligations

As
a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide this
information.

Emerging
Growth Company

As
an “emerging growth company” under JOBS Act, the Company has elected to use the extended transition period for complying
with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows us to delay the adoption
of new or revised accounting standards that have different effective dates for public and private companies until those standards
apply to private companies. As a result of this election, our financial statements may not be comparable to companies that comply
with public company effective dates.

Item
3. Quantitative and Qualitative Disclosures About Market Risk.

As
a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information
required by this Item.

Item
4. Controls and Procedures.

Evaluation
of Disclosure Controls and Procedures

We
maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports
filed pursuant to the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s
rules, regulations and related forms, and that such information is accumulated and communicated to our principal executive officer
and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

As
of June 30, 2018, we carried out an evaluation, under the supervision and with the participation of our principal executive officer
and our principal financial officer of the effectiveness of the design and operation of our disclosure controls and procedures.
Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls
and procedures were effective as of the end of the period covered by this report.

Changes
in Internal Control over Financial Reporting

There
have been no changes in our internal control over financial reporting during the quarter ended June 30, 2018, that have materially
affected or are reasonably likely to materially affect our internal control.

11

PART
II — OTHER INFORMATION

Item
1. Legal Proceedings.

There
are presently no material pending legal proceedings to which the Company, any executive officer, any owner of record or beneficially
of more than five percent of any class of voting securities is a party or as to which any of its property is subject, and no such
proceedings are known to the Company to be threatened or contemplated against it.

Item
1A. Risk Factors.

As
a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information
required by this Item.

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